The complexities of third-party risk management

In this Help Net Security video, Brad Hibbert, Chief Strategy Officer and Chief Operating Officer for Prevalent, discusses five interesting findings from a recent industry study on third-party risk management and what he thinks they mean for cybersecurity professionals and their companies’ TPRM programs.

Prevalent’s 2024 Third-Party Risk Management Study found that 61% of companies experienced a third-party data breach or cybersecurity incident last year. Breaches rose 20 points—or 49%—year over year, increasing threefold since 2021.

Conducted this February and March, the survey’s respondents include heads of information security, data privacy, risk management, procurement, and other IT executives at companies spanning dozens of industries whose supply chains collectively represent half a million vendors.

The study identified multiple areas of concern that could explain the unprecedented breadth and depth of third-party breaches.